Money Laundering

Man jailed for money laundering after stealing cash from Bermudan government

An accountant from South Wales who stole and laundered more than £1.3m while working for the government of Bermuda has been jailed today (16 February).

Jeffrey Bevan, 50, lived and worked in the Caribbean country and, from January 2011, was in charge of expenditure as payments accountant manager.

Following Bevan’s resignation in February 2013 and departure from the country in May 2013, staff found some cheques that should have been credited to legitimate businesses had been redirected into Bevan’s bank account.

Cardiff Crown Court heard that, following a full audit of payments authorised by Bevan, a total of 2,452,135.42 Bermudan dollars (BMD) – equivalent to £1,768,182.35 today – had been stolen in 52 separate transactions and deposited into Bevan’s bank accounts. Of that, BMD441,995 (£318,713.13) was spent on his family’s luxurious lifestyle in Bermuda.

A total of £1,325,477 was laundered through Bevan’s bank accounts in the UK. Bevan claimed all of the cash was legitimate payment for overtime but the evidence showed that he was paid overtime in the normal way, through his wages.

He was sentenced to seven years and four months in prison today.

Juliette Simms, of the CPS, said: “Jeffrey Bevan first claimed to have worked an exceptionally high number of overtime hours to account for the millions of Bermudan dollars he had transferred into his bank accounts.

He spent the money on houses in Wales, Scotland and Nottingham, new cars, gambling and a lavish lifestyle for himself and his family.

This case saw the Wales Regional Asset Recovery Team working with Bermudan police and Bermudan government employees to secure these charges. Evidence presented by the CPS showed that buying multiple houses in the UK was a way for Bevan to launder the money he had taken from the Bermudan government.”

Source: www.CPS.gov.uk, 16 February 2018

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